ID :
70352
Tue, 07/14/2009 - 16:59
Auther :
Shortlink :
https://oananews.org//node/70352
The shortlink copeid
Seoul shares close up 0.54 pct on tech, steel gains
SEOUL, July 14 (Yonhap) -- South Korean stocks closed up 0.54 percent Tuesday as
investors picked up tech, steel and financial shares, bolstered by overnight
rallies in U.S. markets. The local currency jumped against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 7.44 points to
1,385.56 after jumping as much as 23.88 points in early trading. Volume was
moderate at 419.76 million shares worth 4.95 trillion won (US$3.83 billion), with
winners outpacing losers 408 to 391.
"The market got off to quite a good start but gains were pared later as investor
sentiment remained fragile on uncertainties over corporate earnings," said Han
Chi-hwan, an analyst at Daewoo Securities. "Foreigners also continued to sell
local shares, weighing on the market."
Major shares ended mixed but tech and steel shares helped the index end in
positive territory.
Tech shares closed higher after suffering steep losses in the previous day's
setbacks. Industry leader Samsung Electronics rose 2.26 percent to 634,000 won
and smaller rival LG Electronics jumped 3.7 percent to 126,000 won. Chipmaking
giant Hynix Semiconductor also surged 3.87 percent to close at 14,750 won.
Steelmaking giant POSCO ended up 2.33 percent to 440,000 on expectations its
business will improve down the road after bottoming out in the second quarter.
The company reported on Monday that its second-quarter profit tumbled 71 percent
from a year earlier.
Financial shares also rebounded. KB Financial Group, the parent for top lender
Kookmin Bank, gained 2.58 percent to 45,800 won, while Hana Financial Group, the
parent for fourth-largest lender Hana Bank, rose 1.04 percent to 29,150 won.
Shipyards, however, closed in negative territory on foreign sell-offs.
Second-ranked Samsung Heavy Industries fell 2.62 percent to 26,050 won.
On Monday, Wall Street rallied on eased anxiety over financial instability. The
Dow Jones industrial average jumped 2.27 percent and the tech-laden Nasdaq
composite index also rose 2.12 percent.
The local currency ended at 1,293 won against the greenback, up 22 won from
Monday's close, as stock gains and eased financial woes helped reduce investors'
appetite for safer bets, dealers said.
kokobj@yna.co.kr
(END)
investors picked up tech, steel and financial shares, bolstered by overnight
rallies in U.S. markets. The local currency jumped against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 7.44 points to
1,385.56 after jumping as much as 23.88 points in early trading. Volume was
moderate at 419.76 million shares worth 4.95 trillion won (US$3.83 billion), with
winners outpacing losers 408 to 391.
"The market got off to quite a good start but gains were pared later as investor
sentiment remained fragile on uncertainties over corporate earnings," said Han
Chi-hwan, an analyst at Daewoo Securities. "Foreigners also continued to sell
local shares, weighing on the market."
Major shares ended mixed but tech and steel shares helped the index end in
positive territory.
Tech shares closed higher after suffering steep losses in the previous day's
setbacks. Industry leader Samsung Electronics rose 2.26 percent to 634,000 won
and smaller rival LG Electronics jumped 3.7 percent to 126,000 won. Chipmaking
giant Hynix Semiconductor also surged 3.87 percent to close at 14,750 won.
Steelmaking giant POSCO ended up 2.33 percent to 440,000 on expectations its
business will improve down the road after bottoming out in the second quarter.
The company reported on Monday that its second-quarter profit tumbled 71 percent
from a year earlier.
Financial shares also rebounded. KB Financial Group, the parent for top lender
Kookmin Bank, gained 2.58 percent to 45,800 won, while Hana Financial Group, the
parent for fourth-largest lender Hana Bank, rose 1.04 percent to 29,150 won.
Shipyards, however, closed in negative territory on foreign sell-offs.
Second-ranked Samsung Heavy Industries fell 2.62 percent to 26,050 won.
On Monday, Wall Street rallied on eased anxiety over financial instability. The
Dow Jones industrial average jumped 2.27 percent and the tech-laden Nasdaq
composite index also rose 2.12 percent.
The local currency ended at 1,293 won against the greenback, up 22 won from
Monday's close, as stock gains and eased financial woes helped reduce investors'
appetite for safer bets, dealers said.
kokobj@yna.co.kr
(END)
